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Key Resistance Levels: 132.00, 133.00,134.00
Key Support Levels: 129.00, 128.00, 126.00
EUR/JPY Price Long-term Trend: Bullish
EUR/JPY pair has been trading in the bullish trend zone since June 8 as it is stuck below level 144.25. The uptrend has been hindered at level 144.25. In the previous price action, the bulls have been repelled on June 9 and 23. Today, the pair is rising to retest the previous highs. Meanwhile, on June 9 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that EUR/JPY will rise to level 2.0 Fibonacci extension or level 153.90.
Daily Chart Indicators Reading:
EUR/JPY is at level 60 of the Relative Strength Index for period 14. The pair is trading in the uptrend zone and capable of a further upward move. The price bars are above the moving averages indicating further upward movement of prices. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.
EUR/JPY Medium-term Trend: Ranging
On the 4-hour chart, the currency pair is in a sideways move. The Yen is fluctuating below level 144.22 on June 8. The bulls are yet to break the overhead resistance. The upward move is doubtful as the pair is in the overbought region.
4-Hour Chart Indicators Reading
The pair is above the 80% range of the daily stochastic. It indicates that the current uptrend has reached the overbought region of the market. Sellers will emerge in an overbought region to push prices down. The 21-day line SMA and the 50-day line SMA are sloping upward indicating the uptrend.
General Outlook for EUR/JPY
The currency pair is now in the overbought region of the market as it is stuck below level 144.25. Further upward movement of the pair is unlikely. The pair may decline as sellers emerge in the overbought region.
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